INEOS to sell its global films business to Bilcare for €100m

02 August 2010 10:45  [Source: ICIS news]

INEOS to sell global films businessLONDON (ICIS)--INEOS has entered into a binding agreement for the sale of its global films business to pharma and healthcare solutions provider Bilcare for around €100m ($129.9m), as the privately held chemical company looks to sell off its non-core assets, it said on Monday.

The deal would comprise the business, assets and personnel related to INEOS’ films operations in North America, Europe and Asia, the group added.

The transaction was expected to be completed at the end of August, subject to regulatory filings and approvals, INEOS said.

“Bringing together Bilcare’s research and development focus with our own broad production and application knowledge provides a very strong strategic fit,” said Iain Hogan, CEO of INEOS Films.

“Whilst performing well, the INEOS Films business is no longer core to the INEOS Group as the company focuses its attention on its large-scale petrochemicals businesses,” Hogan added.

Mohan Bhandari, chairman of Bilcare, said: “This acquisition is a paradigm shift in the pharma packaging space and a significant step towards creating a customer-centric company to deliver path breaking innovations and establish global leadership,” said .

INEOS Films employs around 1,300 people across manufacturing sites in Germany, Italy, India and North America and has a turnover of around €240m, the group said.

($1 = €0.77)

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